FTX claims to have recovered more than $5 billion in lost assets

This was announced by lead attorney for FTX, Adam Landis, heard this Wednesday in court in Delaware.

Good news for FTX victims. As planned for many weeks, a new FTX hearing took place this Wednesday in the United States. In particular, the FTX restructuring team made an astonishing – even reassuring – announcement during this hearing.

Indeed, it assures that it would have recovered more than 5 billion dollars of assets since its bankruptcy on November 11th.

“We have located over $5 billion in cash, liquid cryptocurrency and liquid investment securities,” FTX lead attorney Adam Landis said Wednesday in court in Delaware.

Added to this sum are the $425 million in cryptocurrencies held by the Bahamas Commission.

1 million creditors

But will that be enough to repay more than a million creditors? As a reminder, FTX already owes $3.1 billion to its 50 main creditors, which will be repaid in priority. However, many media outlets report that the total amount that FTX owes its creditors is still unclear, the company having indicated on December 20 that it could only find a billion dollars to reimburse its customers.

As a reminder, according to the latest court filings, FTX’s debts are between 10 and 13 billion, against assets of 2 to 4 billion. This Wednesday, the lawyer also said that FTX “has also identified more than 9 million client accounts linked to approximately $120 billion in associated transactions. He said the team is currently following a process to determine the value of the positions. Nov. 11 “for every client,” Decrypt reports.

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